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(Bloomberg) – U.S.-listed Chinese tech stocks were up for a third day in a row Thursday after their peers in Asia rallied amid better risk appetite.
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The shares of Tencent Holdings Ltd. jumped 5.3% as of 10:01 a.m. in New York, while tech giant Alibaba Group Holding Ltd. climbed 6.9%. Other tech stocks including JD.com Inc., Baidu Inc., Pinduoduo Inc. and DiDi Global Inc. were among U.S. certificates of deposit up at least 3%.
Chinese tech stocks rebounded from a record low in Hong Kong on Thursday amid signs of renewed interest in one of China’s biggest tech names. The change in sentiment was fueled by a report that the Daily Journal Corp. by Charlie Munger had increased his stake in Alibaba by 83% in the last quarter and that US President Joe Biden was planning to meet with Chinese President Xi Jinping before the end of the year.
READ: Chinese tech stocks rose the most since August after hitting new lows
The Nasdaq Golden Dragon China Index – which tracks 98 US-listed companies that do the majority of their business in China – gained as much as 5.1%, the biggest jump since late August and its rally since it reached a level of 17 months. low Monday at over 8%. Yet despite this week’s brief respite, the gauge has remained deep in the red since the start of the year, having dropped 31%.
Chinese assets have come under pressure as part of a government crackdown on sectors such as technology, real estate, after-school tutoring and games as part of President Xi Jinping’s campaign for “prosperity.” common ”.
Investors will be watching closely how mainland Chinese stocks trade on Friday, with local stock markets set to reopen for the first time this week after being closed for the Golden Week holidays. While the holidays provided a brief lull in Beijing’s regulatory crackdown that has lasted for months, concerns remain about its resumption now that it’s over.
(Updates to include details on Golden Week vacations, pricing throughout)
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